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Our channel checks suggest the uncertainty surrounding Indonesia’s earlier proposed export policy is now blown over. Indonesia’s domestic CPO price has normalised, which at one point was asking for hefty discounts.
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We like Bumitama Agri (SGX:P8Z) for its strong management, capital management strategy and 5.5% net dividend yield, backed by its near net cash position. Following earlier correction of Bumitama Agri's share price, we now tactically upgrade Bumitama Agri to BUY (from HOLD) on unchanged target price of S$1.87 on 14x FY26 P/E, its +1 standard deviation 10-year mean.
Domestic CPO price now back to >IDR15,000/kg
- - Read this at SGinvestors.io -
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With greater clarity over its exports policy, Indonesia’s domestic price has recently reverted to above IDR15,000/kg (as per KPN Nusantara pricing).
A pure play upstream planter and sells domestically
- Read more at SGinvestors.io.
Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
Ong Chee Ting CA Maybank Research | https://www.maybanktrade.com.sg/ 2026-06-17
Previous report by Maybank:
2026-05-14 Bumitama Agri - 1Q26 Results Was Above Our But Within Consensus Estimates.
Price targets by 3 other brokers at Bumitama Agri Target Prices.
Listing of research reports at Bumitama Agri Analyst Reports.
Relevant links:
Bumitama Agri Share Price History,
Bumitama Agri Announcements,
Bumitama Agri Dividend Payout Dates & Corporate Actions,
Bumitama Agri News
